Australian financial group AMP is rejecting criticism that its takeover offer for insurer AXA Asia Pacific Holdings is too low.
AMP offered $A5.34 per share for the company, a 24% premium on AXA's closing price on Friday.
The offer is a mixture of AMP shares and cash and values the company at more than $A11 billion.
Under the proposed deal, AXA Asia Pacific would be broken up, with AMP taking the Australasian assets, and its French parent taking its Asian assets.
However AXA Asia Pacific Holdings rejected the offer, saying it was insufficient and indicating it should be close to $6 a share.
AMP chief executive Craig Dunn says the offer is fair and compelling.
He says scale is becoming increasingly important in financial services.
The Australian Competition and Consumer Commission plans to review the AMP bid and break-up plan for AXA.
The Commerce Commission says no application for clearance has been lodged but its markets team is monitoring the situation.
At the close of trading in New Zealand on Tuesday, AMP had jumped 70 cents to $8.10 on the news.